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In Scotland, though the legal rate of interest is the same as in

England, the market rate is rather higher. People of the best

credit there seldom borrow under five per cent. Even private

bankers in Edinburgh give four per cent. upon their

promissory-notes, of which payment, either in whole or in part

may be demanded at pleasure. Private bankers in London give no

interest for the money which is deposited with them. There are

few trades which cannot be carried on with a smaller stock in

Scotland than in England. The common rate of profit, therefore,

must be somewhat greater. The wages of labour, it has already

been observed, are lower in Scotland than in England. The

country, too, is not only much poorer, but the steps by which it

advances to a better condition, for it is evidently advancing,

seem to be much slower and more tardy.